EPM-systems

Enterprise Performance Management (EPM) is a business performance management model that covers all aspects of the business. It is deployed in business applications that are used to create a high-quality and adequate budgeting model, assess the company's state of affairs, and prepare a plan to achieve strategic objectives.

EPM systems provide formalization, and ensure compliance and control of the main aspects of management:

1.         Business strategy

2.         Business planning and forecasting.

3.         Financial management

These aspects are managed in the six stages of the closed loop EPM process: strategy development, goal alignment, operational planning, budgeting, monitoring, and adjusting the strategy according to real conditions.

Business Strategy

Strategy is usually derived from the mission and vision of the company. The strategy sets forth key organizational goals and objectives. After determining the general direction, it is necessary to monitor progress in all areas of activity and to take corrective actions in order to achieve the desired goal. The EPM cycle starts with the development of a strategy and ends with its adjustment.

Business Planning and Forecasting

Business planning and forecasting is a set of activities aimed at preparing operational and tactical business plans in accordance with the strategy. Organizational performance can be predicted after accumulating information on the implementation of plans over a certain period of time. Integrated planning includes monitoring all costs, reconciling financial turnover, and controlling the budget process.

Financial Management

Financial management provides for regularly assessing the financial state of the company, recording deviations from target values, and identifying the causes of deviations. The EPM system includes a "one size fits all" business intelligence tool designed to collect the necessary information from various sources.  The EPM cycle includes the preparation of consolidated financial statements, including those required by international standards.  Consolidated financial statements are designed not for external users, but mostly for senior officials of the company who make decisions to change financial plans.

 

EPM helps maintain the continuity of the business management cycle:

§    defining development goals;

§    forecasting factors that help or hinder the achievement of goals;

§    planning actions that help to achieve the goals;

§    tracking key performance indicators;

§    analyzing the results and preparing corrective actions;

preparing financial and management reporting in order to make economically sound decisions.

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